SECTION 2. There shall be established and set up on the books of the commonwealth a separate fund to be known as the Connecticut River Boathouse and Rowing Facility Construction Fund, which shall be expended by the city of Northampton, to develop a public rowing and regatta center on the Connecticut River in the city of Northampton. The city shall establish a memorandum of understanding with adjacent communities, Northampton Youth and Community Rowing, Inc. and public and private institutions and organizations to establish a governing body to oversee its operations, to lease portions of the facility to appropriate users and to promote youth and adult rowing teams and events for all ages. The operational costs of said facility shall be not be paid by the commonwealth.

The fund shall receive monies from: (1) gifts, grants, appropriations and donations from public or private sources; (2) federal reimbursements and grants-in-aid; (3) any interest earned from the fund; and (4) state appropriations and the proceeds of any general or special obligation bond sales by the commonwealth authorized for this purpose. The state treasurer shall receive, deposit and invest funds held in such a manner as to ensure the highest interest rate available consistent with the safety of the fund. The books and records of the fund shall be subject to an annual audit by the state auditor. The citymay expend such funds, not subject to appropriation, and no expenditure from the fund shall cause it to be in deficiency at the close of a fiscal year. The city shall report annually to the house and senate committees on ways and means on income received into the fund and the sources of that income, any expenditure from the fund and their purposes and fund balances.

SECTION 3: Not less than $2,500,000 shall be expended from the Gaming Economic Development Fund, established in Chapter 29, section 2DDDD of the General Laws, and not less than $2,500,000 shall be expended from the Local Capital Projects Fund, established in Chapter 29, section 2EEEE of the General Laws, for the Connecticut River Boathouse and Rowing Facility in the city of Northampton.

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